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Share Market News Today Highlights: Sensex crashes 1,093 points, Nifty settles below 17,550; UPL, Tata Consumer Products, Tech Mahindra among top drags

Business Today Desk Sep 16, 2022, Updated Sep 16, 2022, 4:22 PM IST

Stock Market News Today Live Updates: Sensex and Nifty plunged sharply on Friday, extending their fall for the third straight session amid a weak global trend. Asian markets were lower today as investors braced for a U.S. rate hike next week amid concerns of a global recession after warnings from the World Bank and the International Monetary Fund (IMF).

Share Market News Today Updates, 16 September 2022: Sensex and Nifty declined for the third straight session. Share Market News Today Updates, 16 September 2022: Sensex and Nifty declined for the third straight session.

Indian equity benchmarks plunged sharply on Friday, extending their fall for the third straight session amid a weak global trend. Asian markets were lower today as investors braced for a U.S. rate hike next week amid concerns of a global recession after warnings from the World Bank and the International Monetary Fund (IMF). Overnight, Wall Street ended the previous session with mild losses and the index is down 4.1 per cent so far this month.

 

 

The Dow Jones Industrial Average Futures were down 0.78 per cent, the S&P 500 Futures lost 0.92 per cent and the Nasdaq Composite Futures dropped 1.08 per cent, indicating a lower start for US stocks today.

 

The global economic outlook remains downbeat and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, the IMF stated.

 

In comparison, the World Bank said the world could be edging towards a global recession in 2023 as central banks across the world simultaneously hike interest rates to combat persistent inflation. The world's three largest economies - the United States, China, and the euro zone - have been slowing sharply, and even a "moderate hit to the global economy over the next year could tip it into recession," it added.

 

Here are the share market highlights:

4:20 PM (1 week ago)

Expert View: Nifty Bank

Posted by :- prashun talukdar

"The Bank Nifty index witnessed some profit booking at higher levels after being an outperforming index. The index will resume its uptrend once it closes above the level of 42,000 where a significant amount of call writing has been witnessed. The downside support stands at 40,000-39,800 and any dip toward that would be an opportunity to buy," said Kunal Shah, Senior Technical Analyst at LKP Securities.

4:19 PM (1 week ago)

Expert View: Nifty outlook

Posted by :- prashun talukdar

"Nifty slipped below the falling trend line on the daily chart suggesting a waning bullishness. On the daily timeframe, the index has fallen below the near-term moving average, 20 EMA. The momentum oscillator is in bearish crossover and falling. The trend for the near term looks negative; immediate support is seen at 17,500, below which the Nifty may fall towards 17,350. On the higher end, resistance is visible at 17,700," said Rupak De, Senior Technical Analyst at LKP Securities.

4:18 PM (1 week ago)

Expert View

Posted by :- prashun talukdar

"With persistent bearish pressure from global stocks amid rising yields and dollar index, the domestic market surrendered to the global trend despite its strong decoupling scenario and encouraging macroeconomic data. Post the release of US inflation data, which showcased a MoM increase in inflation, the global market has been pricing in the likelihood of a more aggressive policy response from the Fed," said Vinod Nair, Head of Research at Geojit Financial Services.

3:53 PM (1 week ago)

Expert View

Posted by :- prashun talukdar

"Indian markets today finally chose to mirror global cues after out-performing global peers in the recent past. Weaker domestic flows for last month despite SIPs maintaining their run rate led to profit taking as all sectoral indices ended in the red. As global investors brace for a further interest rate hike post the US inflation data released recently, the RBI too has its task cut out in India when they meet at the end of this month. Spectacular Monsoon in India coupled with several positive Tailwinds provides a plethora of investment opportunities in the broader markets," said S Ranganathan, Head of Research at LKP securities.

3:50 PM (1 week ago)

Share market breadth

Posted by :- prashun talukdar

The overall market breadth stood extremely weak as 984 shares advanced while 2,522 declined on BSE. The market capitalization (m-cap) of BSE listed companies fell to Rs 279.86 lakh crore, wiping out more than Rs 6 lakh crore of investors' wealth.

3:45 PM (1 week ago)

Top gainers & losers

Posted by :- prashun talukdar

On the stock-specific front, UPL was the top Nifty loser as the stock cracked 5.12 per cent to close at Rs 704.55. Tata Consumer Products, Tech Mahindra, UltraTech Cement and Infosys were also among the laggards. In contrast, IndusInd Bank and Cipla were among the top gainers.

3:43 PM (1 week ago)

Sectoral indices

Posted by :- prashun talukdar

All the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty IT, Nifty Consumer Durables and Nifty Oil & Gas underperformed the NSE platform by falling as much as 3.71 per cent, 2.26 per cent and 2.21 per cent, respectively.

3:41 PM (1 week ago)

Mid & small-cap

Posted by :- prashun talukdar

Mid- and small-cap shares finished on a lower note as Nifty Midcap 100 dived 2.84 per cent and small-cap fell 2.56 per cent.

3:36 PM (1 week ago)

Share market closing: Sensex, Nifty extend fall for third day

Posted by :- prashun talukdar

Sensex crashes 1,093 points or 1.82 per cent to close at 58,841, Nifty moves 347 points or 1.94 per cent lower to settle at 17,531

3:19 PM (1 week ago)

Share market update: Fag-end sell-off

Posted by :- prashun talukdar

Sensex crashes 1,230 points or 2.05 per cent to close at 58,704, Nifty moves 366 points or 2.05 per cent to trade at 17,512

2:57 PM (1 week ago)

MRF vs CEAT vs JK Tyre vs Apollo: Brakes on tyre stocks! Should you sell or hold?

Posted by :- prashun talukdar

The rally in tyre stocks, which recently hit 52-week highs due to the easing of raw material prices, halted on Friday amid a much weaker trend in global markets. Tyre stocks, particularly MRF, JK Tyre, CEAT, Apollo Tyres and Philips Carbon Black (PCBL), had performed exceptionally well at the bourses. (Read more)

2:12 PM (1 week ago)

Share market update: Sensex crashes over 1,050 points, Nifty trades below 17,550

Posted by :- prashun talukdar

Sensex crashes 1,053 points or 1.76 per cent to trade at 58,881 in afternoon deals, Nifty moves 332 points or 1.86 per cent to trade at 17,546

1:26 PM (1 week ago)

Share market update: Sensex dives over 950 points, Nifty trades below 17,600; UPL, Tata Consumer Products, TechM among top drags

Posted by :- prashun talukdar

Sensex slumps 972 points or 1.62 per cent to trade at 58,962 in afternoon deals, Nifty moves 298 points or 1.67 per cent to trade at 17,580

1:14 PM (1 week ago)

PSU banks climb up to 71% in 2022 so far; should you join the party now?

Posted by :- prashun talukdar

Most of the public sector banks have outpaced the benchmark equity indices in the ongoing calendar year on account of improvement in asset quality coupled with double-digit growth in deposits and loan books. (Read more)

12:54 PM (1 week ago)

Adani Group overtakes Tata Group in market cap, gains Rs 9,052-crore

Posted by :- prashun talukdar

The Adani Group has surpassed Tata Group in terms of market capitalisation race in today's trade.The combined market cap of the Gautam Adani-led Adani Group firms rose to Rs 21.14 lakh crore against the Rs 21.04 lakh crore market cap of the Tata Group, according to data from  Eden Capital advisors. (Read more)

12:36 PM (1 week ago)

Patanjali Group plans to float 4 IPOs in next five years

Posted by :- prashun talukdar

Baba Ramdev, businessman and yoga guru, on Friday announced the initial public offering (IPO) plans for four Patanjali group companies over the next five years. "We are preparing to get listed five Patanjali group companies by floating four IPOs in the next five years," the company stated. (Read more)

11:25 AM (1 week ago)

Allcargo Logistics down over 7%

Posted by :- prashun talukdar

Shares of the company were down as much as 7.22 per cent to trade at Rs 397.45 on BSE.

11:15 AM (1 week ago)

Wipro share price is down 44% from 52-week high, time to buy?

Posted by :- prashun talukdar

Shares of Wipro have fallen 44 per cent from their 52-week high in 11 months. The stock of the IT firm hit its 52-week high on October 14, 2021 and fell to 52-week low on July 15, 2022. Wipro shares closed at Rs 416.25 in the previous session. (Read more)

11:07 AM (1 week ago)

Tata Power down over 1%

Posted by :- prashun talukdar

Shares of Tata Power were down as much as 1.26 per cent to trade at Rs 242.15 in late morning deals. On Thursday, Tata Power Solar Systems, wholly owned subsidiary of Tata Power Renewable Energy, said it has a contract worth Rs 612 crore for setting up a 100 MW groundmounted solar project for SJVN Limited (SJVN).

10:56 AM (1 week ago)

Gainers and losers in late morning deals

Posted by :- prashun talukdar

On the 30-share BSE pack, TechM, M&M, TCS, Infosys, Wipro, L&T, UltraTech Cement, HCL Tech, Reliance Industries, HDFC, PowerGrid and NTPC were among the top losers. In contrast, IndusInd Bank, Sun Pharma, Titan, Bajaj Finance and Asian Paints were among the gainers.